ABSOLUTE AUCTION FEBRUARY 2013 (27-28 FEBRUARY 2013) : ABOUT THE AUCTION

The 24-Hour Absolute Auction will take place online starting
Wednesday, February 27, 2013 at 9:30 p.m. (India Time); 11:00 a.m. (US
Eastern Time). This is the latest auction in a series of 24-hour auctions of
Indian art introduced by Saffronart. In addition to our four annual seasonal
auctions, these online sales offer collectors curated catalogues of select,
competitively estimated lots based on a genre or theme, and take place over a
24-hour period.

This auction features 100 works, where lots in this
auction are offered without a reserve price. This auction will take place
exclusively on www.saffronart.com

All lots for sale are featured in this online auction catalogue.
The number listed next to each image is the lot number and should be used as a
reference during bidding or for any information requests. The lots in this sale
may be viewed through any of the following:

The online Auction CatalogueAll lots are featured on the website. You
may search for lots by lot number, artist, medium, style and price range.

The mobile Auction CatalogueSaffronart has developed a downloadable
software application for bidding on mobile devices, which will include
abbreviated information on each lot.

Please see the Sale Guide for more information about the auction.

Price Estimates

Each lot has a price range listed. These estimates are provided only as a
guide for buyers. You may check the comparable prices of similar works of art
through a link, called 'comparables' which is listed next to each lot in the
online catalogue. Please note that the estimates for individual lots have been
'rounded off' for ease of reference and do not necessarily reflect the exact
exchange rate used for bid calculations. Price estimates for each lot are
prepared well in advance of the sale and may be subject to revision. Estimates
do not include the buyer's premium or any applicable additional charges such as
shipping, insurance and taxes.

How to Bid

Pre-registration and Verification

You must be pre-registered
and verified for the Saffronart auction in order to bid. If you have already
registered with Saffronart online and have a login id and password, you will
still have to pre-register for each auction using your existing login id, and
accept the conditions for sale for that auction. In order to pre-register,
fill out the pre-registration form online or call Saffronart. Once you
pre-register and accept the conditions for sale, a Saffronart representative
may call to verify your details and request additional information prior to
giving you bidding access. In the event the Saffronart representative cannot
reach you on the phone, an email will sent to you, asking for additional
information and providing you with phone numbers to get in touch with
Saffronart. Please note that if we do not receive your response to the
additional information request, bidding access may not be available. Please
also note that the verification process might take time and bidders are
advised to pre-register at least 24 hours prior to the start of the auction so
that bidding access is available at the start of the auction.

Once
your pre-registration has been accepted you will be sent an email confirming
your bidding authorization along with your login ID and password. No
registrations will be accepted 12 hours prior to the closing of the first
group of lots in the auction. In the event that you do not hear from
Saffronart 48 hours after pre-registering please call the auction helpline at
+91 (0) 22 2432 2898.

Bidding access shall be given at Saffronart's
discretion and Saffronart may set limits on bidders and/or require payment
guarantees or deposits prior to giving bidding access. You will be informed of
the limits if any and will not be allowed to bid further if your bidding limit
is exhausted. If you are informed of limits, please feel free to request
additional information or assistance if you are unclear.

If you are
using an offline/written bid form rather than participating actively online,
we will register for you once all pre-registration formalities are complete.
Saffronart will then email your login id to you, which you may use to reset
your password and visit the auction online.

Entering an Online Bid

Once you have identified the lot that
you would like to bid on, click on "Bid Now" and enter either the bid amount
for regular bidding, or a maximum price for proxy/automatic bidding (for more
information, please see the section on proxy/automatic
bidding).

Regular bidding is the method by which you actively
participate in the bidding process by entering the next valid bid (or one of a
higher value) each time you are outbid. Your screen will display the next
(minimum) valid bid, based on a predetermined increment. You may enter a bid
at that exact value only. You may also view the entire bid history prior to
making your decision. After you enter your bid it is advisable to view the bid
history to verify that your bid has been recorded. Please note that bidders
may be contacted during the auction for bid verification in order to protect
all bidders and maintain the efficacy of the process.

Entering an Offline/Written bid

You can also place offline
bids, by faxing the written bid form (available online) to +91 (0) 22 2432
1187. For telephone assistance on offline bids, you may reach the help desk at
+91 (0) 22 2432 2898. Please note that telephone bids are accepted and
recorded at Saffronart's discretion and must be followed by an email or signed
fax confirming the bid amount. Saffronart shall not be responsible for any
delay or failure to record any offline bids.

Mobile Bidding

You may download a software application from
Saffronart onto your eligible mobile device (a list of devices is provided on
www.saffronart.com) and use it to place bids. You may place either regular
bids or proxy/automatic bids.

The mobile bidding application shall
contain a menu titled "My Auction" which the bidder may click on to access
information on all Bids made by the Bidder in respect of various lots, as well
as any additional lots manually added by the Bidder to "My Auction". For ease
of tracking Bids, Bidders are advised to assign bidding nicknames to
themselves.

The Bid history, current Bid and countdown clock shall be
accurate at the time of downloading of those values, provided however that
such information shall not reflect any changes in the Bid history, current Bid
and/or countdown clock that may have occurred during the time taken for this
information to reach the Bidder's mobile from the Saffronart Server. The most
updated Bid values shall be shown only when the page on the mobile containing
the information on Bid values is refreshed, which shall happen when the
"Refresh" menu item is selected by the Bidder. After the values on the page
have been refreshed, any changes in Bid values shall not be visible to the
Bidder until the values are refreshed again by the Bidder.

Due to the
nature of mobile and internet traffic, there is an unpredictable time-lag
between a Bidder placing a bid, and that bid being received by Saffronart. As
a result, a user may have placed his/her bid prior to the countdown clock
expiring, but the bid is received by Saffronart after the closing time for
that lot - and would therefore be rejected. With mobile networks in
particular, there is a risk that the bid is never received by Saffronart. To
avoid these scenarios we encourage Bidders to set proxy bids/automatic bids
for lots they are interested in well in advance of the closing time for a
lot.

Bid Cancellation

Once recorded, neither regular bids nor proxy/automatic bids may be canceled
by the bidder. However, the bidder may choose to lower the maximum value on a
proxy bid during the auction if the bidder's maximum (proxy) value has not yet
been reached. Saffronart reserves the right to cancel a bid at its discretion if
it considers it necessary to do so in order to protect the efficacy of the
bidding process.

Bid Increments

Any new bid must be greater than the current highest bid by a minimum
increment, which applies to each bid value. The next valid bid amount is the
current highest bid plus the minimum increment value. This minimum increment
will be indicated on the detail page (on the website) for each Lot. The bidder
may enter a value at the next valid bid amount (in the case of Regular online
bidding or proxy bidding) or an amount higher than that (in the case of proxy
bidding).

Minimum increments are based on predetermined price slabs. The
increment for a particular lot will increase each time the current bid crosses a
pre-determined price threshold. For example: Bidder1 who has the current highest
bid at $980. If the minimum increment for bids below $1000 is $50, Bidder2 can
outbid Bidder1 by entering a (regular online bid) value of $1030 (a $50
increment over the current highest bid at $980). However, now that the current
bid is greater than $1000, assume that the minimum bid increment increases from
$50 to $100. The next valid bid will now be $1130 ($100 increment over Bidder2's
current highest bid of $1030). In order for Bidder1 to outbid Bidder2, Bidder1
will now have to bid $1130.

Offline/Written bid forms

You may use the offline/written bid form available on the website, to place
what is called a Proxy Bid. Proxy (or automatic) bidding lets you indicate a
maximum bid amount, and authorizes the Saffronart's online auction technology to
place bids automatically on your behalf. The system places your bids at the
minimum incremental rate only if you are outbid on a particular lot. The auction
technology will continue to place bids (at the next valid bid amount) on your
behalf until your proxy maximum has been reached or until bidding closes on that
particular lot. This is especially useful if you do not wish to participate
actively, constantly monitor the bids being placed, or, are keen not to lose out
on a particular lot as the auction comes to a close. Based on your personalized
bid notification, you will receive an email if and when you have been outbid
against your proxy maximum. If you are outbid on your proxy maximum and would
like to continue bidding, you may login and enter a higher maximum proxy amount
or a regular bid at the next valid Bid amount, provided that bidding has not
closed. Please note that Saffronart will not accept offline/written bids less
than twelve hours prior to the closing of the first group of lots in the
auction.

How the Proxy/Automatic bidding works

As an illustration, let's examine a lot where the current bid is at $100, the
current minimum increment is at $10 and Bidder1 has just entered a proxy maximum
price at $1000.

A bid will automatically be recorded on behalf of Bidder1
at $ 110, making it the current highest bid If Bidder2 outbids Bidder1 by
entering a value of $ 120, the Saffronart online technology will again place a
bid on behalf of bidder1 at the next incremented value of $ 130 (assuming that
the increment stays at $10). The system will continue bidding on behalf of
Bidder1 (as Bidder1 gets outbid) until Bidder1's maximum bid price of $1000 is
reached or the bidding for that lot closes.

In the situation where a
proxy bidder has been outbid, but has a proxy maximum value that is below the
next valid bid but is higher than the current highest bid, the proxy maximum
value will be accepted as the next bid. In order to outbid the proxy bidder in
this case, the next (minimum) valid bid will be equal to the proxy maximum that
is accepted plus the minimum increment. The proxy maximum value provided by a
proxy bidder will never be exceeded. For example: Consider a lot where the
current bid is $500 and the minimum increment is $10 and Bidder1 has just
entered a proxy maximum price of $525. A bid will be automatically recorded on
behalf of Bidder1 at $510, making it the current highest bid. If Bidder2 outbids
Bidder1 by entering a regular bid at the next valid bid amount of $520 the
Saffronart online module will again place a bid on behalf of Bidder1 at $525
since that was Bidder1's maximum proxy value, even though the next valid bid
would have been $530. In order for Bidder2 to outbid Bidder1, he will now have
to place a regular bid at $535 (current highest bid $525 plus the minimum
increment of $10).

Please note that proxy bids take precedence in the
case of the same value being entered by a regular bidder. In the case where a
regular bid is placed on a lot at the same value as a maximum proxy bid, the
proxy bid will take precedence. Both bids (proxy and regular bid) at the same
value will be displayed in the bid history for that lot, however, the proxy bid
will appear on top and will be the current highest bidder. For example: Consider
a lot where the current bid is $1500, the minimum increment is $50, and Bidder1
has just entered a proxy maximum price of $ 1600. A bid will be automatically
recorded on behalf of Bidder1 at $1550, making it the current highest bid. If
Bidder2 outbids Bidder1 by entering a regular bid at the next valid bid amount
of $1600 the Saffronart online module will record Bidder2's bid of $1600 but the
current highest bid will be that of Bidder1 at $1600 since that was his maximum
proxy value and was entered prior to the regular bidder. In order for Bidder2 to
outbid Bidder1, he will have to place an online regular bid at the next valid
bid amount of $1650 or a proxy bid of a higher value.

Please note that
Bidders can lower their proxy value if the bidder's maximum (proxy) value has
not yet been reached. This can be done by logging in and clicking on the 'Bid
Now' button for the lot. Here the bidder can lower the proxy bid value.

Reserve Price

All lots in the online auctions are subject to a reserve price. The reserve
price is the minimum price that the lot may be sold for. No lot will be sold
below its reserve price. However, all lots in this auction are offered without
reserve prices.

Opening Bid

Bidding on all lots begins at the opening bid value. The opening bid is the
value at which the auction house starts the bidding on a particular lot.
Offline/written bids received before the start of the auction will be recorded
as follows:

If the offline/written bid is less than the opening bid value it will be
recorded and displayed below the opening bid value at the time of the start of
the auction in the bid history for that particular lot.

If the offline/written bid is greater than the opening bid value and is
less than the next valid bid for that lot (based on the minimum increments) it
will be recorded and displayed as the current highest bid above the opening
bid value at the time of the start of the auction in the bid history for that
particular lot. The next valid bid in this case will be greater than the
current highest bid by a minimum increment, which applies to that bid
value.

Multiple offline/written bids received on a particular lot before the start
of the auction will be recorded and displayed in the bid history of the lot
according to the values with the highest bid being the current valid bid at
the time of the start of the auction. Offline/written bids received at the
same value will be prioritized based on the time of receiving the bids and
will be shown in the bid history of the lot.

Closing and Winning Bids

The closing bid for a lot is the highest bid at the time at which a
particular lot's bidding has ended. No further bids can be made after the close
of the bidding for that particular lot. The winning bids for all sold lots will
be posted on the website after the close of the auction.

Tracking Bids

The Website shall contain a link titled "My Bids " within the page "My
Auction Gallery" and the Bidder may click on this link to access information on
all bids made by the bidder in respect of various lots. For ease of tracking
bids, bidders are advised to assign bidding nicknames to themselves when
prompted.

The bid history, current bid and countdown clock shall be accurate at the
time of downloading of those values, provided however that such information
shall not reflect any changes in the bid history, current bid and/or countdown
clock that may have occurred during the time taken for this information to reach
the bidder's computer from the Saffronart Server. The most updated bid values
shall be shown only when the page on the Website containing the information on
bid values is refreshed, which shall happen either automatically at regular
intervals (indicated at the top of the page), or when a bidder clicks on the
"click to refresh immediately" link on the page, or on the "refresh" or "reload"
button on his/her internet browser. After the values on the page have been
refreshed, any changes in bid values shall not be visible to the bidder until
the values are refreshed again whether automatically or by the bidder.

Due to the nature of internet traffic, there is an unpredictable time-lag
between a bidder placing a bid, and that bid being received by Saffronart. As a
result, a user may have placed his/her bid prior to the countdown clock
expiring, but the bid is received by Saffronart after the closing time for that
lot - and would therefore be rejected. To avoid this scenario we encourage
bidders to set proxy bids/automatic bids for lots they are interested in well in
advance of the closing time for a lot.

Auction Closing

For your convenience, especially if you are bidding on multiple lots, groups
of lots are scheduled to close at different times. The bid-closing schedule is
shown here. The bid-closing schedule
for each auction is listed online. Pre-determined groups of lots will close
according to the bid-closing schedule unless a bid is recorded within a span of
2 minutes prior to the lot's scheduled closing time. In this case, the countdown
clock for that lot will be reset to 2 minutes and the lot closing time will be
extended accordingly. Bidding on any lot will only end if there is no bid
recorded for a span of 2 minutes. Bidders are advised to click on the "click to
refresh immediately" link on the Website page being viewed by them, or on the
"Refresh" link if bidding on a mobile, at regular intervals for updates on
latest bids and time extensions if any.

Currency of Bidding and Special Lots

Bids will be placed in US Dollars (USD) or Indian Rupees (INR). However, only
buyers in India may pay for their purchases in INR at the close of the auction.
All other buyers must complete payment in USD. Certain lots have been marked
with the sign
These lots are not situated in India and therefore, may only be bid for and
purchased in USD. Persons residing in India, wishing to bid in USD must be
eligible under the various foreign exchange regulations to make payments
overseas. Please contact Saffronart for further details.

Condition of Lots

All lots will be shipped out in an 'as is' condition meaning that the item is
sold with all existing faults and imperfections.

Buyers Premium

Saffronart charges the buyer a premium on the winning bid value. The buyers’
premium is calculated at 20% of the winning bid value on each lot up to and
including US$ 200,000/-, 15% of the winning bid value in excess of USD 200,000/-
up to and including USD 500,000/- and 12% of the winning bid value in excess of
USD 500,000. As an example: For a winning bid value of US$ 200,000, the buyer’s
premium applicable will be US$ 40,000; for a winning bid value for US$ 500,000,
the buyer’s premium applicable will be US$ 85,000 – calculated as US$ 40,000
(20% of US$ 200,000) plus US$ 45,000 (15% of US$ 300,000); for a winning bid
value of US$ 600,000, the buyer’s premium applicable will be US$ 97,000 –
calculated as US$ 40,000 (20% of US$ 200,000) plus US$ 45,000 (15% of US$
300,000) plus US$ 12,000 (12% of US$ 100,000).

Completing the Purchase

If you win a bid, you will be informed on email immediately upon closing of
bidding on that particular lot. You will be sent a subsequent email after the
close of the auction, which will contain an invoice for the winning bid and an
invoice for the Buyer's Premium (with payment options specified). You may review
acceptable modes of payment described in the section below. If you are the
winning bidder, you are legally bound to purchase the item from Saffronart.
Please note that purchases will not be shipped out until payment has been
received and cleared.

Invoicing

Bidders are required to provide all invoicing details to Saffronart prior to
the sale at the time registering for the auction as no invoices will be changed
after the sale and the bidder as registered with Saffronart will be invoiced.
After the sale, the Buyer as invoiced is required to pay the amounts in full
(including the additional charges). No shipment or delivery will be made if this
amount is not received or until all proper documentation is completed. No
payments will be accepted from any other parties other than the Buyer mentioned
on the invoices.

Shipping and Insurance

Price estimates do not include any packing, insurance, shipping or handling
charges, all of which will be borne by the buyer. Shipping will be charged on
courier rates and are determined by the value, origin and destination of the
package. Bidders may, on the website, review an estimate of applicable
additional charges for the lots during the auction. The additional charges for
the current as well as the next highest bid may be reviewed, to help bidders
make bid value decisions.

Import Restrictions

Lots may require permits for import or be subject to import restrictions to
certain countries. Potential Buyers are advised to check import regulations
prior to making a bid decision.

Duties & Taxes

All duties and taxes applicable shall be borne by the buyer. An approximation
of applicable charges for each lot and buyer destination may be viewed online.
The final charges will be determined at the close of the auction and will be
sent to the winning bidder.

Please note that all lots in the auction
will be shipped to the buyer from the following two locations:

New York: these lots are marked in the auction catalogue with the symbol
, and must be paid
for in USD

Mumbai: all lots not marked with the above symbol (payment may be made in
INR or, by non-Indian buyers, in USD)

Domestic Deliveries in India

Any sale of lots originating from Saffronart Mumbai (those lots not marked in
the auction catalogue with the symbol ) to an address in
India is subject to a 12.5% VAT on art works and 5% VAT on books on the winning
bid value and a 12.36% Service Tax on the buyer's premium. A CST of 2% instead
of the 12.5% VAT will be applicable on the winning bid value only if the
purchasing entity is a registered dealer under such businesses, the delivery
location of the lot is outside the state of Maharashtra, and the buyer provides
the necessary documentation required by the Sales Tax authorities. The Service
Tax on the buyers' premium will still apply at 12.36%.

Imports to India

Persons residing in India can bid on works located in New York (those marked
in the auction catalogue with the symbol in USD by complying
with the appropriate foreign exchange regulations for making overseas payments.
There are import duties applicable on artworks, jewelry and other objects
shipped into India. Please contact Saffronart for further details.

International Shipments (other than to India)

There may be duties and taxes levied depending on the delivery destination
which typically range between 0-10% of the winning bid and shipping and handling
value. Depending on the shipping address these duties and taxes vary according
to customs regulations in the destination country. Any shipments to the EU
countries will be charged an additional VAT as applicable.

Domestic Deliveries in the US

Shipments of lots originating in New York to the state of New York (USA) will
be charged sales tax of up to 8.875%.

For
payments from NRE accounts the invoice will be raised in USD based on the
winning bid value and the buyer will have to transfer an equivalent INR amount
at the bank exchange rate. The service tax at 12.36% on buyers' premium would
apply in this case.

Delivery/Collection of Purchases

Purchases are typically shipped out within 7 business days of the payment
being cleared and are insured under the terms of Saffronart's insurance policy
(please note that frames are not insured). If there is an expected delay in
dispatch, the buyer will be informed of the delay via email, unless the buyer
has indicated an alternative preferred mode of communication. If the Buyer wants
to appoint a logistics agent (on their behalf) for shipment then the
documentation supporting the shipment will be generated by Saffronart. If the
documentation is not completed to the specified requirements then the Buyer will
be liable for any duties or taxes that might be levied by the authorities on the
transaction.

Buyers may choose to collect their purchases from the
Saffronart office in Mumbai. In such cases, buyers are requested to make an
appointment to collect purchases within 7 business days of completion of all
payments and documentation formalities.

Storage and Demurrage

The Buyer shall ensure that all payment formalities are completed within
seven business days of the receipt of the invoice. In case payment is not
received within such period, this shall be treated as a breach of contract and
Saffronart may take any steps (including the institution of legal proceedings),
which appear to Saffronart to be appropriate to enforce payment by the Buyer.
The Buyer will also be charged demurrage @ 1% per month on the value of the
lots.

Buyers who have completed payment formalities and have not taken
delivery of their lots from Saffronart within 30 days of the completion of
payment formalities will be charged demurrage @ 1% per month on the value of the
lots.

Receipt of Purchases

All purchases from this sale are final. In the unlikely event of your
receiving a damaged product, please notify Saffronart directly within five days
of receipt of the lot Please call us at +91 (0) 22 2432 2898, to report the
damage or send a fax to +91 (0) 22 2432 1187 or email us at auction@saffronart.com.

If
Saffronart does not receive any notification within 7 business days of delivery,
it shall be assumed that the lot has been received in good condition, and no
claims will be entertained.

Symbols

Lots marked with are not situated in
India and therefore, may only be bid for and purchased in USD. Persons residing
in India, wishing to bid in USD must be eligible under the various foreign
exchange regulations to make payments overseas. Please contact Saffronart for
further details.

Participate in our next auction

If you are interested in consigning works from your collection to our next
sale, please contact us at auction@saffronart.com or at the
auction help desk +91 (0) 22 2432 2898.

If you would like to stay informed of Saffronart's upcoming events, please
register with us online at www.saffronart.com.